Tuesday ETF Roundup: VXX Jumps After FOMC Meeting, GDX Plunges With Gold
By Stoyan Bojinov:Bearish pressures took hold of Wall Street on Tuesday as investors broadly pulled the sell trigger following the latest FOMC meeting. The Fed minutes revealed that central bank members “generally agreed that the economic outlook, while a bit stronger overall, was broadly similar to that at the time of their January meeting." Equity markets were hoping for hints of additional quantitative easing, which inevitably led to a sell-off after the Fed made no such suggestions.
Profit taking quickly followed the FOMC meeting. The Dow Jones Industrial Average led the way lower, shedding 0.49% on the day, while the Nasdaq proved most resilient, losing only 0.20% as the trading session drew to a close. In other economic news, domestic factory orders came in at 1.3%. This figure was well above last month’s reading of negative 1.1%, but ultimately fell short of analyst estimates of 1.5%. In international news, the eurozone producerComplete Story »